Potential Income

or Register to post new content in the forum

 

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Sep 6, 2006 7:12 pm

Thinking about switching from the money management side to become a financial advisor (merrill lynch) and was wondering what kind salary plus commission I can expect the first couple of years.  I know I would have to take a pay cut, but was wondering if I could survive the first couple of years?  Already have licenses with solid industry experience...any thoughts, comments are welcomed. 


Thanks in advance 

Sep 6, 2006 8:07 pm

What are you making now? What function do you serve on the money management side?

Sep 7, 2006 9:55 am
mark:

Thinking about switching from the money management side to become a financial advisor (merrill lynch) and was wondering what kind salary plus commission I can expect the first couple of years. 



A lot of this was covered in some past posts.  You may want to do a search for “POA”.<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />


 


You don’t make salary plus commission at ML.  My understanding is that if they start you below $40K you get a salary for 24-months after you enter production and that if you are over $40K you get a salary for 18-months after you enter production.  I’ve also come to the understanding that anyone who is not bringing a book of clients over starts at <$80K.  What is nice is that they throw in some bonuses for making your hurdles and graduating the POA program.


 


Another catch is that when your salary ends, even if you are meeting all of your hurdles, your income typically drops significantly.  I’ve heard stories some have had their income drop to $35K once the salary ended.  This means that you must have enough savings to make it through the period it will take you to generate enough income to support yourself. 


 


There is a joke in my office.  “What is the difference between a pizza and a recent POA graduate?”  “The pizza can feed a family of four.”


 


With all of that being said, the income potential is very good once you reach the critical velocity it takes to survive.


 


--WM


 


Disclaimer: I’m a newbie with just over two months in the POA program.


Sep 7, 2006 11:31 am

At ML, you can earn commissions during POA that exceed your salary for a given month.  This probably has a greater chance of occuring in your second year, but that depends on the type of business one intends to build.

Sep 7, 2006 2:46 pm

Mark...ask your branch manager...you work there already.

Sep 7, 2006 7:47 pm

Thanks you for the posts...I appreciate your time and comments.


-Mark

Sep 8, 2006 8:48 pm

If you can connect well with people with $$$, I don't see why you couldn't make 100k your first year.  If you are in a position where they gravitates towards you because they think you're an expert, it's easy picking. 



Sep 8, 2006 9:14 pm
WealthManager:
mark:

Thinking about switching from the money management side to become a financial advisor (merrill lynch) and was wondering what kind salary plus commission I can expect the first couple of years. 



A lot of this was covered in some past posts.  You may want to do a search for “POA”.<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />



You don’t make salary plus commission at ML.  My understanding is that if they start you below $40K you get a salary for 24-months after you enter production and that if you are over $40K you get a salary for 18-months after you enter production.  I’ve also come to the understanding that anyone who is not bringing a book of clients over starts at <$80K.  What is nice is that they throw in some bonuses for making your hurdles and graduating the POA program.



Another catch is that when your salary ends, even if you are meeting all of your hurdles, your income typically drops significantly.  I’ve heard stories some have had their income drop to $35K once the salary ended.  This means that you must have enough savings to make it through the period it will take you to generate enough income to support yourself. 



There is a joke in my office.  “What is the difference between a pizza and a recent POA graduate?”  “The pizza can feed a family of four.”



With all of that being said, the income potential is very good once you reach the critical velocity it takes to survive.



--WM



Disclaimer: I’m a newbie with just over two months in the POA program.




I heard the same joke except it was schwartze, instead of POA graduate.